Litecoin breaks downtrend with 25 million ordinals, price up 5%

• Litecoin reaches the record figure of 25 million ordinals, reflecting the strong activity of the network.
• The price is up 5%, indicating a possible bullish trend.

Litecoin ($LTC) has seen significant growth, adding 1.5 million ordinals in just two weeks. This increase is consistent with information previously highlighted by CNF regarding significant fluctuations in the number of addresses on the Lit ecoin network during this time, offering insightful information on user participation and market sentiment.

Litecoin is known as a decentralized digital currency that enables seamless and near-zero-fee payments across the globe. According to an update tweet from Litecoin, the breaking news shared that a record 25 million ordinals have now been inscribed on the Litecoin blockchain. This surge in activity demonstrates the network’s ability to efficiently handle a larger number of transactions.

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In early June, Litecoin recorded a 75% increase in active addresses and 426,000 transactions, reflecting growing user engagement and surpassing Ethereum in active addresses. These metrics indicate growing interest and potential for broader Litecoin adoption.

Positive price movement

According to a news update on Coin Market Cap Today, there are three main aspects on how Litecoin breaks the downtrend with 25 million ordinals, price rises 5%:

1. Increased activity of ordinals: Litecoin has added 1.5 million Ordinals in two weeks, reaching a record high of 25 million, demonstrating the network’s ability to efficiently handle the surge in transactions.
2. Increased activity and network adoption: Litecoin saw a 75% increase in active addresses and 426,000 transactions in early June, reflecting growing user engagement and surpassing Ethereum in active addresses.
3. Positive price movement: Despite a bearish trend, Litecoin price gained 5.2% recently, rising from $70.5 to $83.68, supported by a bullish divergence and increased network activity.

Furthermore, according to data from CoinMarketCap, at the time of writing, Litecoin (LTC) is trading at 73,$27, with an increase of 3.34% on the last day and of the 0.94% in the last week.

Some crypto analysts consider Litecoin to be a “sleeping giant” waiting for a bullish signal to reach a new all-time high (ATH). For more details on Litecoin market trends, check out CNF’s previous post titled Is Litecoin (LTC) Heading Towards $63? Market Indicators Suggest a Bearish Trend.